State pension age could be raised 'above 68' to protect triple lock

James Rodger & James Rodger

15 June 2024 at 1:43 am·2-min read

A stark warning has been sounded over pensions, with experts suggesting that the Government may consider raising the state pension age beyond 68 to uphold the triple lock. This caution comes as both the Labour and Conservative parties have unveiled their manifestos this week in preparation for the upcoming General Election.

The battle for votes intensifies following the announcement of the election by Tory leader Rishi Sunak.

Speaking to the Express, Mike Ambery, who is the retirement savings director at Standard Life, part of Phoenix Group, remarked: "Both the Conservatives and Labour have stated their continued commitment to the triple lock, and the Conservatives have announced plans to protect pensioners from paying tax in their 'triple lock plus' pledge."

He added a note of caution regarding the sustainability of the scheme: "However there's no doubt that questions around the long-term affordability of the scheme will remain. The state pension age is already set to increase to 67 by 2028 and 68 by 2046 and the next Government might decide to increase it more quickly, and to a higher age, while retaining the triple lock."

Ambery further elaborated on the potential impact of such changes: "While some people have, or are on course to have, sufficient private pension savings to allow for a comfortable retirement, there are millions who are or will be heavily dependent on the state pension. This might suggest that means testing is a possible route but this is likely to be unpopular.", reports Birmingham Live.

"It's worth noting that even with the relatively high yearly increases as a result of the triple lock over the past two years, the state pension still falls short of the Pension and Lifetime Savings Association minimum standard of living for a single pensioner."

"So it's worth people currently working checking if their level of private pension savings look set to provide their desired standard of living in retirement."

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